No one likes thinking about their eventual death, and that is especially true of those who recently graduated from college or just received their first job offer in Florida. That said, your younger years are exactly when you should start putting together your estate plan.
U.S. News & World Report breaks down why your 20s are an ideal time to evaluate your life and everything in it. As someone with more wealth and financial resources than many others your age, it is especially vital that you take steps to safeguard your assets.
More than just your wealth
No matter whether you have substantial wealth, it is a good idea to handle basic estate planning as soon as you become an adult in the eyes of the law. Should you become incapacitated, say, at the age of 21, then you would need someone to make medical and financial decisions in your stead.
Naming a health care proxy and durable power of attorney means that you have someone you know and trust to voice your decisions regarding the medical care and services received when you cannot speak for yourself. Even if you remain in good health for the foreseeable future, naming a durable power of attorney can come in handy should you decide to travel or study abroad and need someone to handle your financial affairs here in Florida.
After accepting your first job offer, your new position could come with a 401(k) or a similar retirement account. If so, expect to have to name a beneficiary who receives the proceeds of your account when you pass, whenever that may occur. Without you naming a beneficiary, the state decides who receives your death benefit, which could be a next of kin whom you would rather not inherit a penny of your hard-earned money.
It is never too early to start thinking about planning your estate. Sit down with a legal professional to design a framework that provides you with security and peace of mind regarding your future.